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ReportAnnual
A/S Uglands Rederi 2016
"The objecTive of The j.j. Ugland companies is To condUcT bUsiness in sUch a manner ThaT iT creaTes confidence and TrUsT among cUsTomers, financial insTiTUTions and parTners, esTablishing long-Term relaTionships"
Contents
5 Message from the Chairman
6 The J.J. Ugland Companies – A/S Uglands Rederi
8 The Board of Directors’ Report
15 Income statement
16 Balance sheet
18 Cash flow statement
19 Notes
27 Auditor's Report
30 Operated Fleet
32 Uglen lifting derrick at Nymo
36 Long-serving employees
37 An ever-changing journey through time
39 MV Star Norita - Safety Award Winner 2016
40 Corporate Social Responsibility
43 Contact details
2. Front cover: Newbuilding MV Livita delivered March 2017
ANNUAL REPORT 2016
Contents
5 Message from the Chairman
6 The J.J. Ugland Companies – A/S Uglands Rederi
8 The Board of Directors’ Report
15 Income statement
16 Balance sheet
18 Cash flow statement
19 Notes
27 Auditor's Report
30 Operated Fleet
32 Uglen lifting derrick at Nymo
36 Long-serving employees
37 An ever-changing journey through time
39 MV Star Norita - Safety Award Winner 2016
40 Corporate Social Responsibility
43 Contact details
3.
The objecTive of The j.j. Ugland companies
is To condUcT bUsiness in a sUsTainable and
profiTable manner ThaT secUres employmenT and
creaTes confidence and TrUsT among parTners,
cUsTomers and financial insTiTUTions
ANNUAL REPORT 2016
4.
ANNUAL REPORT 2016
2016 was an “annus horribilis” for the shipping industry, as reflected in the lowest ClarkSea Index level since 1990 and
severe challenges for the offshore markets on the back of the depressed oil price. The dry cargo market sector started the year with the weakest rates in recorded history as the Baltic Dry Index bottomed out in February with rates below operating costs. However, there were some encouraging signs at the end of the year. The offshore supply market scraped along at rock-bottom levels throughout the year, with no signs of recovery and more vessels being laid up. Tankers, specialised products and gas markets all performed at sustainable levels, albeit more weakly than in the previous year.
Ugland felt the impact of these depressed market conditions during 2016. The company’s bulk carriers and two PSVs were affected by the weak dry bulk and offshore markets. Our barges also suffered from the weak market, but benefited from increased demand from the offshore wind farm industry. Our shuttle tanker continued on a term contract at satisfactory rates. While the company posted an overall loss, the under-lying cash flow was positive. Thanks to a robust balance sheet, experienced management and a focus on safety, the environment and quality, the company is well equipped to weather further downturns in the market.
With seaborne transportation accounting for around 85 per cent of the world’s international trade, shipping is an essential part of the global economy. By volume, global seaborne trade in 2016 was almost twice as high as at the turn of the millennium, and over three times as high as in the mid-1980s. Despite these positive megatrends, the shipping markets have always been volatile and cyclical over the shorter term.
2017 has started off more positively. The rates for bulk carriers, which is our main market, have continued to strengthen. Whilst we do not anticipate the market reaching complete equilibrium in the near term, we believe the medium-term outlook for the sector is positive. Demand continues to grow and the recalibration of the supply/demand balance is improving following lower order books and continued scrappings as a result of environmental regulations. Our modern fleet of bulk carriers are on shorter-term contracts and thus ready to take advantage of a rising market. We have fixed our shuttle tanker on a new term contract at a satisfactory rate from the end of the current contract, we have secured our PSV investment over the next three years and there are some positive signs in the barge and crane ship markets. We are therefore moderately optimistic for the future.
Jørgen LundChairman
Message from the Chairman
5.
ANNUAL REPORT 2016
The J. J. Ugland Companies - A/S Uglands Rederi
• 43 owned and operated units totalling about 1.7 million deadweight tonnes. The operated fleet includes 14 bulk carriers, one icebreaking special bulk carrier, 4 shuttle tankers, 1 oil/chemical tanker, 2 PSVs, 16 barges, 2 tugs and 1 crane vessel.
In addition, two supramax bulk carrier newbuildings are scheduled for delivery in 2017 and 2019.
• A commercial pool for their fleet of supramax bulk carriers based on charter agreements for the transportation of iron ore, coal/coke, cement/clinker, grain, alumina, steel, scrap, salt and other commodities.
The J.J. Ugland Companiespresently incorporate:
• A technical and commercial operation complying with the ISM-code, ISPS-code, ISO 9001:2008, ISO 14001:2004 and OHSAS 18001.
• A strong customer base in the offshore industry for their barge fleet and the self-propelled heavy lift crane vessel Uglen.
• A.S Nymo yard with a proven track record in engineering, procurement and construction (EPC) of modules and equipment for the offshore industry.
• A fully integrated and professionally managed organisation in Norway and in St. John’s, Canada.
The Board of Directors, from left: Peter D. Knudsen, Knut N.T. Ugland, Jørgen Lund (Chairman), Gunnar Frognes and Stein Rynning
6.
ANNUAL REPORT 2016
from Their headqUarTers locaTed aT vikkilen
in grimsTad, norway, The family owned
a/s Uglands rederi, foUnded in 1930, and iTs
sUbsidiaries provide worldwide shipping services
7.
ANNUAL REPORT 2016
The Board of Director's Report
Introduction
From its headquarters in Grimstad, Norway, the family owned A/S Uglands Rederi and
its subsidiaries provide worldwide shipping services. At the end of 2016 the company‘s fleet comprised 39 owned or operated units with an aggregate tonnage of 1.45 million deadweight tonnes. The fleet consisted of 12 supramax bulk carriers, one ice-breaking special bulk carrier, four advanced tankers equipped for offshore bow loading, one oil/chemical tanker, two platform service vessels (PSVs), 16 sea-going barges, two tugboats and one heavy lift, self-propelled crane vessel. A further four supramax bulk carriers are under construction, three of which are due to be delivered in 2017 and the last one in 2019. In 2016 the company sold two barges.
The companies’ main objective is to conduct business in a sustainable and profitable manner that in a long-term perspective secures employment and creates confidence and trust among partners, customers and financial institutions. This involves a focus on stable income, safety, the environment and quality assurance of operations.
Earnings, Finance and Risk
The accounts for 2016 were prepared assuming a long-term going concern
scenario.
Both the parent company and its subsidiaries are included in the figures stated below. The 2015 figures are given in brackets.
The operating income amounted to NOK 779 million (1 110) and include a profit on the sale of two barges. Operating expenses totalled NOK 803 million (1 286). The operating result before depreciation and impairment losses (EBITDA) came in at NOK 98 million (133), and the operating result (EBIT) totalled NOK -24 million (-177). Depreciation and amortisation of NOK 121 million was recognised in the financial statements (165). In light of developments in the markets in which the company‘s fleet operates, the board and management have evaluated the need for impairment on ships and other property plant and equipment. Broker valuations were obtained for the fleet of bulk carriers and PSVs in order to be able to
1300
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500
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Operating income (NOK million)
1024
1096
2012 2013 2014 2015 2016
a tax expense of NOK 1 million, and minority interests of NOK 1 million, the consolidated loss for the year amounted to NOK 100 million.
The subsidiary Ugland Shipping AS owns 10 supramax bulk carriers. Earnings from the bulk carriers are impacted by market fluctuations. The market was particularly fragile at the start of 2016, but rallied during the second half of the year. However, trading conditions are still too weak to generate satisfactory earnings. Earnings from Ugland Shipping‘s bulk carriers have been slightly higher than market rates due to the fact that some of the fleet have secured long-term charters. The market value of the bulk carriers measured in USD weakened during the first half before strengthening in the second half of the year, meaning that ship values closed the year largely unchanged from the start of the year.
compare the vessels‘ book values and market values at the reporting date. As the difference between the bulk fleet’s market and book values is not considerable, the analysis of recoverable amounts did not reveal a need to recognise a further impairment for the bulk carriers in the business‘ fleet. However, analysis of recoverable amounts for the two PSVs resulted in the recognition of an impairment of the value of the company’s 50 per cent shareholdings in Ugland Supplier AS of NOK 36 million. After impairment losses of the share values, net financial expenses amounted to NOK 76 million (NOK 76 million). The company’s share of the results of the companies UM Bulk AS and Ugland Supplier AS (50 per cent shareholdings) are included in net financial expenses. These are companies with investments in respectively bulk carriers and PSVs. The net loss for the year before tax and minority interests totalled NOK 100 million (-252). After the reversal of
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8.
ANNUAL REPORT 2016
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EBITDA - Operating results before depreciation(NOK million)
290309
2012 2013 2014 2015 2016
The tanker Vinland, which is fixed on a long-term charter, has had a stable operation and generated satisfactory ongoing earnings during the year.
As of 31 December 2016, Ugland Shipping AS owned a barge fleet of 16 units and one heavy lift crane vessel. The barge market deteriorated in 2016, which reduced sales. During 2016, two barges were sold at a profit. Utilisation of the crane vessel strengthened slightly during the year.
During 2016, a total of NOK 100 million was appropriated for amortisation of loans and investments in vessels. A further NOK 51 million was paid in as equity, along with NOK 4 million as a shareholder’s loan to UM Bulk AS.
Ugland Supplier AS, of which 50% is owned by A/S Uglands Rederi and 50% is owned by
a Norwegian co-investor, owns two platform service vessels (PSVs). A/S Uglands Rederi owns 50% of UM Bulk AS and 50% is owned by a foreign co-investor. UM Bulk AS owns two supramax bulk carriers and has two vessels on order from yard. Results from the two associated companies are recognised under other financial items in A/S Uglands Rederi‘s financial statements.
A/S Uglands Rederi and its subsidiaries have satisfactory liquidity, well adapted to the company’s activities. As of 31 December 2016, the current ratio was 1.5. Long-term interest-bearing liabilities account for NOK 143 million of a total consolidated group balance of NOK 2 344 million.
During 2016, a long-term loan agreement due to mature was prolonged. This loan finances the tanker owned by Ugland Shipping. A further long-term loan agreement
has been entered into to secure financing for Ugland Shipping’s newbuild bulk carrier from Imabari, which is due to be delivered in March 2017. A similar long-term loan agreement has been entered into which will be used as a credit facility to finance the company’s share of UM Bulk’s two bulk newbuilds due for delivery in 2017, as well as for general corporate purposes. At the end of the year, no loans were drawn under this facility.
For information related to financial market risk and the use of financial instruments, please refer to note 12.
Recognised equity totals NOK 1 923 million, and constitutes 82% of total assets.
The parent company A/S Uglands Rederi posted a loss for the year of NOK 35 751 117. A group contribution of NOK 40 000 000 was given to J.J. Ugland Holding AS.
Bulk Carriers
Specification of the fleet is given in note 2.
All the bulk carriers owned by Ugland Shipping AS are commercially operated by Ugland Bulk Transport AS (UBULK Pool), while Ugland Marine Services AS is responsible for the technical management of the vessels. As of 31 December 2016, the pool operated 10 pool vessels with an average age of 9 years. In 2016 pool revenues totalled NOK 201 million. In addition, Ugland Marine Services AS is responsible for the technical and commercial management of the bulk carriers Ellenita and Lunita, which are owned by UM Bulk AS.
The majority of the fleet is fixed on short-term charter parties. One vessel is fixed on a time charter until summer 2017 at a rate well
From left:
Arnt Olaf Knutsen, Deputy Managing Director,
Øyvind Aasland, Exec. Vice President
Crane Vessel and Barges,
Halvor Ribe, Exec. Vice President
Finance, Insurance & ICT and
Øystein Beisland, President
318
133
98
9.
ANNUAL REPORT 2016
above the current spot market. Earnings for the bulk carriers in 2016 were higher than the spot market index.
Historically the bulk fleet has been fixed on long-term charter parties. The very weak bulk market the past few years has made it difficult to source long-term charter parties for the vessels. The vessels are therefore being fixed on short-term charter parties pending a recovery in the market. The company‘s long-term objective of achieving a mix of short and longer-term charter parties remains unchanged. Two vessels are also fixed on indexed rates.
UM Bulk AS is due to take delivery of two newbuild bulk carriers with 60 500 deadweight tonnes from Sanoyas Shipbuilding Corporation in March and July 2017. Ugland Marine Services AS will be responsible for technical and commercial management of the two newbuilds as for Lunita and Ellenita.
Ugland Shipping AS is due to take delivery
of an additional newbuild bulk carrier of 63 000 deadweight tonnes from Imabari Shipbuilding Co., Ltd. in March 2017. The vessel will be included in the UBULK Pool. After negotiations with the yard, the delivery of the second newbuild from Imabari has been postponed until the first quarter of 2019.
Tankers/PSV
Specification of the fleet is given in note 2.
Canship Ugland Ltd., in St. John’s, Newfoundland, has management agreements for the shuttle tanker Vinland, which is owned by Ugland Shipping AS. In addition, Canship Ugland Ltd. manages a further three shuttle tankers operating on Grand Banks and off the coast of Venezuela, one icebreaking bulk carrier, one oil/chemical tanker and two tugs serving Newfoundland’s oil terminal.
Vinland is chartered to Petrobras in Brazil until November 2017. We are in negotiations with a charterer concerning deployment of Vinland from November/December 2017.
Canship Ugland Ltd. has management agreements for the shuttle tankers Mattea and Vinland, owned by A/S Uglands Rederi and subsidiaries. Pictured above, Vinland, on her way to Rio de Janeiro for unloading.
10.
ANNUAL REPORT 2016
Canship Ugland Ltd. has management agreements for the shuttle tankers Mattea and Vinland, owned by A/S Uglands Rederi and subsidiaries. Pictured above, Vinland, on her way to Rio de Janeiro for unloading.
The PSV Juanita is on time charter to Statoil until June 2017. The company has 4 x 6 months options up to June 2019 thereafter.
The PSV Evita operated in the spot market in the North Sea throughout 2016. Due to a very weak market towards the end of the year/start of 2017, it was decided to lay up the vessel from 1 February 2017. We are working on several alternatives for obtaining long time charter for Evita.
Ugland Offshore AS and Ugland Marine Services AS are responsible for the commercial and technical management of the vessels on behalf of Ugland Supplier AS.
Barges & Crane Vessel
The barges and the heavy lift crane vessel Uglen are operated by Ugland Barge Pool
AS.
The barge fleet‘s deployment in 2016 was down on the previous year. The barges mainly traded in the North Sea and the Baltic Sea. The contract coverage for 2017 is higher than at the same time last year.
During the summer of 2016, the barges UR 94 and UR 111 were sold and delivered to their new owners. The sales generated a total profit of NOK 19 million.
In 2016 the crane vessel Uglen performed as-signments along the Norwegian Coast, in Germany and The Netherlands. In spring 2014 Uglen was refurbished and its lifting capacity upgraded from 600 to 800 tonnes. The upgraded lifting capacity has increased the vessel’s market opportunities. However, there was a significant deterioration in Uglen‘s deployment during 2015 as a result
of lower demand for heavy lifting following a decrease in the construction of newbuild offshore vessels. However, in 2016 the company success-fully secured alternative deployment for Uglen, which has partially compensated for the loss of deployments in connection with construction of newbuild offshore vessels.
Insurance
In 2016, the hull and machinery, hull and freight interest and loss of hire insurances
were renewed with coverage until 30 November 2017. The P&I insurance expires on 20 February 2018. War risk insurance is covered by Den Norske Krigsforsikring for Skib.
The total insurance coverage for the group’s fleet is NOK 3 billion.
Left:
Newbuilding MV Olita delivered March 2017
Below:
Mooring of PSV Evita
11.
ANNUAL REPORT 2016
Organisation, Health & The Environment
Ugland Marine Services AS is the com-mercial and/or technical manager of the
supramax drybulk carriers, one shuttle tanker and two PSV vessels. The company is also the technical manager of the barges and the heavy lift crane vessel Uglen, while Ugland Construction AS is in charge of the commer-cial management of the latter vessels.
At the end of 2016, the workforce engaged in shipping activities totalled 664 people.
The office staff included 53 people em-ployed by Ugland Marine Services AS in Grim-stad, 6 people employed by Ugland Construc-tion AS in Stavanger and 21 people employed by Canship Ugland Ltd. in St. John’s. Women constituted 31% of the total office staff. Vacancies are filled with the best qualified in-dividuals, and the same practice is also used to avoid discrimination. Seafarers constituted 584 people, including 319 Filipinos, 177 Ca-nadians, 66 Norwegians, 10 Swedes and 12 people from other nations. The crew mem-bers’ nationality reflects the vessels’ trading area. The company has a long-standing part-nership with a Philippine recruitment agency for vessels trading in international waters. The seafarers are employed on contracts comply-ing with approved employment settlements in their respective countries.
Ugland Marine Services AS owns 100% of the shares in Ugland Construction AS, Ugland Offshore AS, and Ugland Marine Management AS, which employs the Norwegian, Swedish and Filipino crew members, and 51% of the shares in Canship Ugland Ltd, which employs the Canadian crew members.
No vessels were involved in any accidents causing serious damage or injuries, or envi-ronmental pollution. Absence due to illness onboard and onshore amounted to 1.8%
and 1.7% respectively. Health, safety and the environment are accorded top priority, and continuous efforts are made to further reduce the risk of accidents and pollution. Recorded lost-time injuries (LTIs) in 2016 were slightly higher than the target for the year.
Shipping is an environmental-friendly mode of transport. Nevertheless, a number of mea-sures can be implemented to further reduce any adverse impacts on the environment. The shipping industry is encountering increasingly stringent environmental requirements and demands from both the authorities and cus-tomers. In recent years, the international au-thorities have adopted limits for the sulphur content of fuel oil in some exposed areas, and have tightened requirements in previously established areas. A significant greenhouse gas emission reduction can be achieved by focusing on reduced fuel oil consumption and by using low-sulphur marine fuel. New regulations for the treatment of ballast water was approved in September 2016, and will be implemented in September 2017. We con-tinuously keep abreast of the development and effect of new ballast treatment systems. Ballast water contains micro-organisms which may harm the local marine environment when transferred from one part of the world to
another. The company prioritises the environ-ment and has prepared a dedicated environ-mental policy and defined procedures and practices to achieve its environmental targets. Each year, specific targets are set in order to prevent or reduce negative impacts on the environment. Harmful emissions and energy consumption are recorded and subsequently accounted for in a report prepared annually.
Ugland Marine Services AS, Canship Ugland Ltd. and the vessels are certified according to IMO’s “International Ship Management Code“ (ISM). In addition, the vessels are certified in compliance with “The International Ship and Port Security Code“ (ISPS). Both companies are also ISO 9001:2008 quality certified, environmentally certified according to ISO 14001:2004 and OHSAS 18001 certified.
Above: Shuttletanker MT Vinland
Right:
PSV Evita
Below:
Barge UR 141 onboard heavy lift vessel bound for
crossing the Pacific
12.
ANNUAL REPORT 2016
13.
ANNUAL REPORT 2016
Gunnar Frognes Jørgen Lund Knut N.T. Ugland Deputy Chairman Chairman
Stein Rynning Øystein Beisland Peter D. Knudsen President
Outlook
Almost all shipping segments encountered weak markets in 2016. Normally, some
segments will do better than others. However, during 2016 virtually only the tanker segment achieved acceptable rates. The shuttle tanker Vinland is on a firm time charter, and enjoying smooth operations with almost no off-hire. The vessel is operating profitably, which has helped to offset the weak performance from the bulk segment, which has been at a histori-cally low level. With the exception of the PSV segment, we are cautiously optimistic that market conditions will normalise in our other shipping segments in 2017.
With a modern and low-mortgaged fleet, and a respectable cash reserve, the Board of Directors considers the company to be well equipped to meet the challenges of the years ahead. Three new bulk carriers are due to be delivered in 2017, and one in 2019, of which two of the vessels to be delivered in 2017 will be owned by UM Bulk AS.
Supramax dry bulk vessels owned by Ug-land Shipping AS will continue to operate in the Ugland Bulk Transport AS pool, most of whose capacity is fixed on short-term time charter parties to solid charterers. Two of the vessels are fixed on indexed rates, while one vessel is on a time charter party until summer 2017.
Grimstad, 21 February 2017
The contract coverage for 2017 is approxi-mately 40%. The dry bulk market remained weak at the start of 2017, though significantly better than at the same time the previous year. The improved market balance indicates that the market will probably tighten during 2017. Consequently, we expect higher rates for the bulk carriers in 2017 than in 2016.
The company is actively endeavouring to reduce the vessels‘ operating expenses and is pleased to note that significant progress has been made in this regard in 2016 without compromising the safety of the vessels or crew or day-to-day operation of the vessels. We aim to achieve further reductions in 2017.
The barge fleet and the heavy lift vessel Uglen are expected to face slightly improved market conditions in 2017 compared with 2016.
The shuttle tanker Vinland is on a time charter with Petrobras until November 2017. The company is in negotiations with a char-terer concerning deployment of Vinland from December 2017.
The PSV Juanita is contracted to Statoil until June 2017, with options until June 2019. Evita operated in the spot market in the North Sea throughout 2016. Due to a very weak market
towards the end of the year and start of 2017, it was decided to lay up the vessel from 1 February 2017. The company is consider-ing several alternatives to obtain profitable employment for Evita. The PSV segment will remain challenging for the next few years, and significant uncertainty attaches to future earnings and value development.
Further expansion and renewal of the fleet has been postponed due to challenging market conditions and the delivery of bulk newbuilds in 2017 and 2019. Our objective for 2017 is to recover the values of the existing fleet. With our fleet of modern, high quality vessels, we are well positioned for the antici-pated market improvement.
Our main priorities are safeguarding lives, the environment, vessels and cargo. Long-term relationships, financial solvency and liquidity are also high on our agenda.
Good customer relationships and financial strength coupled with experienced and dedi-cated employees, make A/S Uglands Rederi and its subsidiaries a robust and serious actor in their targeted market segments.
The Board of Directors would like to take this opportunity to thank its employees both onshore and offshore for their contribu-tions to the safe operation of the company‘s vessels.
14.
ANNUAL REPORT 2016
Consolidated A/S Uglands Rederi
2016 2015 2016 2015
NOTE NOTE
Operating income
432 891 548 613 740 533 Sales revenue 101 375 1 275 413
346 072 018 496 108 273 Other operating income 124 200 121 800
778 963 566 1 109 848 806 2 Total operating income 225 575 1 397 213
Operating expenses
-435 192 892 -482 654 308 3/8 Salaries 3 -1 426 250 -1 426 250
-121 423 118 -164 769 316 4 Ordinary depreciation 0 0
0 -145 009 114 4 Impairment losses 0 0
-246 168 778 -493 978 113 Other operating expenses -9 743 911 -11 149 780
-802 784 788 -1 286 410 851 Total operating expenses -11 170 161 -12 576 030
-23 821 222 -176 562 045 Operating result -10 944 586 -11 178 817
Financial income and expenses
-69 813 850 -84 266 502 6 Result from associated companies -70 045 439 -84 580 141
0 0 Received dividends 48 093 985 210 104 726
0 0 Interest income from group companies 390 507 0
5 015 792 5 424 850 Other interest income 4 531 480 4 713 757
1 743 207 14 068 879 13 Other financial income 13 0 31 807 643
0 0 Interest expenses to group companies 0 -481 922
-5 617 844 -10 588 614 Other interest expenses -121 0
-7 672 142 -222 498 13 Other financial expenses 13 -8 862 195 -5 510
-76 344 837 -75 583 885 Net financial items -25 891 783 161 558 553
-100 166 059 -252 145 930 Operating result before tax -36 836 369 150 379 736
1 207 158 1 780 947 10 Tax on ordinary result 10 1 085 252 -11 183 102
-98 958 901 -250 364 983 Result for the year -35 751 117 139 196 634
-859 451 -1 330 417 Minority interests
-99 818 352 -251 695 400 Consolidated result for the year
Information regarding:
Transferred to retained earnings -75 751 117 119 319 022
Group contribution 40 000 000 19 877 612
Total disposals -35 751 117 139 196 634
Income statement 01.01.-31.12 (NOK)
The 86th Annual Accounts
15.
ANNUAL REPORT 2016
Consolidated A/S Uglands Rederi
2016 2015 2016 2015
NOTE NOTE
ASSETS
Tangible fixed assets
1 435 931 284 1 599 901 272 4 Vessels and vessel equipment 0 0
2 465 026 2 640 375 4 Other tangible fixed assets 4 657 034 657 034
174 404 743 76 885 600 4 Newbuildings 0 0
1 612 801 053 1 679 427 247 Total tangible fixed assets 657 034 657 034
Financial fixed assets
0 0 Investments in subsidiaries 5 173 230 270 192 898 659
194 553 046 213 356 315 6 Investments/shares in other companies 6 192 275 197 211 310 055
206 470 024 204 152 230 7 Long-term receivables 7 153 423 061 151 144 118
401 023 070 417 508 545 Total financial fixed assets 518 928 528 555 352 832
2 013 824 123 2 096 935 792 Total fixed assets 519 585 562 556 009 866
Current assets
Receivables
119 765 734 132 279 349 7 Other receivables 7 261 109 226 313
119 765 734 132 279 349 Total receivables 7 261 109 226 313
Bank deposits, cash etc.
210 239 913 309 139 840 9 Bank deposits 48 097 168 86 956 371
330 005 647 441 419 189 Total current assets 55 358 277 87 182 684
2 343 829 770 2 538 354 981 Total assets 574 943 839 643 192 550
Balance sheet as of 31.12. (NOK)
16.
ANNUAL REPORT 2016
Consolidated A/S Uglands Rederi
2016 2015 2016 2015
NOTE NOTE
EQUITY AND LIABILITIES
Equity
Paid-in capital
2 160 610 2 160 610 Share capital (432 122 shares of NOK 5 each) 2 160 610 2 160 610
686 977 686 977 Other paid-in equity 686 977 686 977
Retained earnings
1 913 847 531 2 057 947 512 Other equity 527 413 217 603 164 334
6 212 042 5 913 660 Minority interests 0 0
1 922 907 160 2 066 708 759 11 Total equity 11 530 260 804 606 011 921
Liabilities
Provisions
6 273 164 9 552 908 10 Deferred tax liability 10 3 399 410 6 918 539
56 519 801 53 433 765 8 Other provisions 0 0
62 792 965 62 986 673 Total provisions 3 399 410 6 918 539
Other non-current liabilities
143 220 000 182 600 000 9 Liabilities to financial institutions 0 0
143 220 000 182 600 000 Total other non-current liabilities 0 0
Current liabilities
113 613 32 138 630 10 Income tax payable 10 0 0
214 796 032 193 920 919 7 Other current liabilities 7 41 283 625 30 262 090
214 909 645 226 059 549 Total current liabilities 41 283 625 30 262 090
420 922 610 471 646 222 Total liabilities 44 683 035 37 180 629
2 343 829 770 2 538 354 981 Total equity and liabilities 574 943 839 643 192 550
Grimstad, 31 December 2016
21 February 2017
Gunnar FrognesDeputy Chairman
Jørgen LundChairman
Knut N.T. Ugland
Stein Rynning Øystein Beisland Peter D. Knudsen President
17.
ANNUAL REPORT 2016
Consolidated A/S Uglands Rederi
2016 2015 2016 2015
Cash flow from operating activities
-100 166 059 -252 145 930 Operating result before tax -36 836 369 150 379 736
69 813 850 84 266 502 Result from associated companies 70 045 439 84 580 141
-34 572 507 -27 895 969 Tax paid / tax refund from previous years -2 433 877 -4 622 551
-18 793 462 69 591 861 Gain / loss on sale of assets 0 0
121 423 118 309 778 430 Ordinary depreciation and impairment losses 0 0
-2 639 453 -8 289 499 Currency adjustments 4 297 569 -29 626 339
12 287 262 -56 212 143 Changes in other accruals -18 569 527 6 154 259
47 352 749 119 093 252 Net cash flow from operating activities 16 503 235 206 865 246
Cash flow from investing activities
-51 010 580 -36 644 000 Cash outflow, investment in associated companies -51 010 580 -36 644 000
0 0 Cash outflow, unwinding of subsidiary company 19 668 389 0
29 466 828 90 046 005 Cash inflow, sale of assets 0 0
-65 144 576 -54 220 504 Cash outflow, purchase of assets 0 0
0 -65 044 034 Cash inflow/outflow other long-term investments 0 -65 044 034
-3 821 485 5 934 550 Cash inflow/outflow other long-term receivables -4 142 635 5 754 550
-90 509 813 -59 927 983 Net cash flow from investing activities -35 484 826 -95 933 484
Cash flow from financing activities
-35 236 856 -100 741 050 Cash outflow, amortization of long-term debt 0 0
-19 877 612 -45 804 932 Cash outflow, dividend /group contribution -19 877 612 -45 804 932
-628 396 -670 569 Cash outflow, minority interests 0 0
-55 742 864 -147 216 551 Net cash flow from financing activities -19 877 612 -45 804 932
-98 899 927 -88 051 282 Net change cash and bank deposits -38 859 203 65 126 831
309 139 840 397 191 122 Cash and bank deposits 01.01 86 956 371 21 829 540
210 239 913 309 139 840 Cash and bank deposits 31.12 48 097 168 86 956 371
Cash flow statement (NOK)
18.
ANNUAL REPORT 2016
Note 1 - Accounting principles
Notes to the accounts
General
The Annual Report and Accounts has been
prepared in accordance with the Norwegian
Accounting Act and generally accepted
accounting principles in Norway (Norwegian
GAAP).
The Annual Report and Accounts is translated
into English for information purposes only.
Consolidation
The consolidated financial statements show
the financial position and financial performance
of the parent company and its subsidiaries pre-
sented as a single economic entity. In the
consolidated statements all intercompany
transactions and balances have been eliminated.
The consolidated accounts have been pre-
pared in accordance with the same accounting
principles for both parent and subsidiaries.
Foreign subsidiaries are translated into NOK
using the rate of exchange as of 31.12. Transla-
tion gain or loss is accounted for as change in
consolidated equity.
Operating income/Operating costs
Freight income is recognized at the time of
execution, and operating costs are reognized
as expenses in the same period as the related
income. Costs not related to future income are
recorded as expenses as they occur. Allocations
for periodical maintenance and classification
costs are made over the period up to the actual
time of drydocking.
Classification of assets and liabilities
Fixed assets include intangible, tangible and
financial assets intended for long-term owner-
ship and use in the business.
Other assets are current assets. Receivables to
be paid within a year are always classified as
current assets. The same principles are used
for the classification of current and long-term
liabilities.
Current assets are recognized at the lower of
historical cost and net realizable value. Fixed
assets are recognized at historical cost, but
reduced to net realizable value if and when the
reduction is considered permanent.
Foreign exchange
Monetary items in foreign currency are
recognized at the rate of exchange as of 31.12.16,
which for NOK/USD was 8.68. As of 31.12.15 the
rate of exchange was 8.80.
Fixed assets and depreciation
Fixed assets are valued at acquisition cost
less accumulated depreciation. Fixed assets are
depreciated linearly over the estimated econom-
ic lifespan, which is 25 years for the bulk carriers,
barges and the crane vessel. The depreciation
plan for the shuttle tanker is 20 years with an
estimated residual value.
If recoverable amount of the fixed asset is low-
er than the book value, the asset is written down
to recoverable amount. Recoverable amount is
the higher of net realizable sales value and value
in use. Value in use is the present value of future
cash flows that the asset is expected to generate.
Upgrading costs of owned vessels are capital-
ized and written off over the remaining estimated
economic lifespan.
Estimates
When preparing the annuals accounts in
accordance with Norwegian GAAP, management
has used estimates and assumptions that has
affected the income statement and the valuation
of assets and liabilities, including any contingent
assets and liabilities as of the balance-sheet
date.
Cash flow
The cash flow statement is prepared under the
indirect method.
Shares
Investments in subsidiaries are valued at
acquisition cost.
Investments in associated companies are
recognized under the equity method.
Taxes and change in deferred tax
Taxes consist of tax payable on the financial
result and changes in deferred tax liability/
asset. Deferred tax liability/asset is calculated
on temporary differences between values for
taxation and those used for financial report-
ing. Tax-increasing and tax-reducing temporary
differences are netted if they are reversed or
reversible in the same period. A net deferred tax
asset is only recorded in the balance sheet when
utilization is considered probable.
The shipping activity in the Norwegian ship-
ping companies is subject to the Norwegian ton-
nage tax regime for shipping companies. Under
the present regime profits derived from shipping
operations are tax exempt on a permanent basis.
However, finance income can be taxable accord-
ing to specific rules. Instead of being subject to
ordinary tax on profit, the shipping companies
are required to pay a tonnage tax based on the
net tonnage of its ship portfolio.
Deferred tax asset related to financial loss
carry-forward in shipping companies is not
recorded in the balance sheet as there is uncer-
tainty about its future application.
Pension schemes with defined future benefits
Pension costs and pension obligations are esti-
mated and recognized on a straight line basis con-
sidering final salary. The calculations are based on a
number of criteria such as discount rate, estimated
future salary increases, pensions and benefits from
National Insurance, future return on pension funds as
well as actuary assumptions related to age of death
and voluntary attrition.
Pension funds are recognized at market value
and are deducted in net pension obligations in the
balance sheet. Adjustments in pension obligations
due to pension scheme changes are distributed
over anticipated remaining service period. Any
adjustments in the obligations and the pension
funds caused by changes and deviations in actuarial
assumptions (estimate adjustments) are distributed
over estimated average remaining service period,
provided that the deviations at the beginning of the
year exceed 10% of the higher of the maximum gross
pension obligations and pension funds.
Contribution pension schemes (Unit Link)
Contributions paid are five percent of salaries
between 1G and 6G and eight percent of salaries
between 6G and 12G. (G=statutory basic amount,
currently NOK 92 576)
Operating pension schemes
Liabilities related to early retirement contracts
are calculated using the same assumptions as
for the defined benefit scheme and are recorded
as pension obligations in the balance sheet.
19.
ANNUAL REPORT 2016
Note 2 - Fleet / Sales revenue per area of activity
Year built DWT Owner % Share Employment
Shuttle tankerVINLAND
Supramax bulk carriersFERMITATAMARITAROSITAFAVORITASENORITACARMENCITAISABELITABONITAKRISTINITASTAR NORITAS-K095 / LIVITAS-K096
Barges and crane vesselUR 2UR 3UR 5UR 6UR 7UR 8UR 93UR 95UR 96UR 97UR 98UR 99UR 141UR 171UR 901UR 902UGLEN
2000
200120012004200520082009201020102011201220172019
19951995199619971999199920012001200820082011201119932011201320131978
125 827
52 380 52 292 52 338 52 220 58 663 58 773 58 080 58 105 58 105 58 097 63 000 63 000
9 750 9 750 9 750 9 750 9 750 9 750 9 040 9 025 9 025 9 025 9 025 9 025 14 011 16 800 9 019 9 019 2 600
Ugland Shipping AS
Ugland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping AS
Ugland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping ASUgland Shipping AS
100
100100100100100100100100100100100100
100100100100100100100100100100100100100100100100100
TC
PoolPoolPoolPoolPoolPoolPoolPoolPoolPool
Pool/2017Pool/2019
PoolPoolPoolPoolPoolPoolPoolPoolPoolPoolPoolPoolPoolPoolPoolPoolPool
Sales revenueper area of activity
Consolidated2016
Consolidated 2015
Shuttle tankersBulk carriersBarges and crane vesselGain on sale of vessels/bargesInvoiced vessel costs/Management fee
157 043 367183 671 80164 106 11818 793 462
355 348 818
251 457 777241 079 55193 776 677
8 190 101
515 344 700
778 963 566 1 109 848 806
In 2016, the shuttle tanker operated in the Atlantic Ocean. Up until September 2015, another owned shuttle tanker operated in the waters off the east coast of Canada.
The barges and the crane vessel mainly traded in the North Sea.
Income from the bulk carriers was generated worldwide.
20.
ANNUAL REPORT 2016
Note 3 - Salaries, number of employees and remuneration
Salaries etc. Parent Company2016
Parent Company2015
Consolidated2016
Consolidated 2015
SalariesEmployment dutyOther salary related costsPension costs
1 250 000176 250
00
1 250 000176 250
00
356 672 77725 862 25333 779 70718 878 156
392 026 48527 350 18032 393 771
30 883 872
1 426 250 1 426 250 435 192 892 482 654 308
Salaries etc. to the Presidentand Board of Directors
President Board ofDirectors
Salaries 1 980 334 1 250 000
Other benefits 18 210 0
(2015 figures in brackets)Average full time employees - officeAverage full time employees - officers and crew
77 (80)
632 (722)
The president receives his salary from the subsidiary Ugland Marine Services AS. The president and board members do not have share based remuneration, bonus or severance pay. Pension benefits are accounted for in note 8.
AuditorAuditor’s remuneration (exclusive of VAT) from the parent company was NOK 110 975 (consolidated 863 932). In addition, the auditor received fees related to tax consultancy and accounting advice in the amount of NOK 38 000 (consolidated 146 619) and NOK 41 000 (consolidated NOK 200 000) respectively. In addition NOK 24 400 was remunerated for other certifications.
Parent Company Consolidated
Other Assets Vessels Other Assets Total
Cost price 01.01.AdditionsDisposalsCurrency adjustments
657 034000
2 609 913 98164 470 285-33 238 237
0
8 337 297674 291
-1 229 9591 175
2 618 251 27865 144 576
-34 468 1961 175
Cost price 31.12.Acc. depreciation and impairment
657 0340
2 641 146 029-1 030 810 003
7 782 804-5 317 777
2 648 928 833-1 036 127 781
Book value 31.12. 657 034 1 610 336 026 2 465 026 1 612 801 053
Depreciations 2016 0 120 894 473 528 645 121 423 118
Sale of vesselIn 2016, A/S Uglands Rederi and its subsidiaries sold two barges and net gain on the sale amounted to NOK 18 793 462, and is included in Other operating income.
Tenancy agreementsA/S Uglands Rederi and its subsidiaries have three long-term office tenancy agreements. Total rent recorded through the year was NOK 5 020 615.
Note 4 - Tangible fixed assets / Tenancy agreements
21.
ANNUAL REPORT 2016
Parent Company Consolidated
2016 2015 2016 2015
Pension funds 0 0 21 471 962 20 538 113
Receivables associated companies 153 423 061 151 144 118 153 423 061 151 144 118
Other receivables falling due after one year 0 0 31 575 000 32 469 999
Total long-term receivables 153 423 061 151 144 118 206 470 023 204 152 230
Intercompany receivables / liabilities
Long-term receivables group companies 0 0 31 000 000 31 820 000
Short-term receivables group companies 0 0 2 572 786 5 242 901
Short-term liabilities group companies 0 0 22 554 089 21 600 341
Short-term liabilities subsidiaries 0 6 087 418 0 0
Short-term receivables subsidiaries 6 268 504 0 0 0
Short-term receivables parent company 0 0 0 609 205
Short-term liabilities parent company 462 433 19 877 612 462 433 19 877 612
Receivables / Liabilities with associated companies:
Receivables associated companies 153 423 061 151 144 118 153 423 061 151 144 118
Note 7 - Receivables and liabilities
Associated companies are recognized under the equity method.
Company Office location
Ownershipshare
Book Value01.01.
Addition2016
Share of result after tax
Book Value31.12
Associated Companies:Ugland Supplier ASUM Bulk ASOther Company:Bjoren AS
GrimstadGrimstad
Bygland
50%50%
3.9%
171 056 89940 243 156
10 000
051 010 580
0
-58 744 734-11 300 705
0
112 312 16579 953 032
10 000
Total parent companyAssociated Company:11030 Newfoundland Inc. Canada 45.4%
211 310 055
2 046 260
51 010 580
0
-70 045 439
231 589
192 275 197
2 277 849
Total consolidated 213 356 315 51 010 580 -69 813 850 194 553 046
Note 5 - Shares in subsidiaries
Note 6 - Shares and ownership interests in other companies
Office Ownership andvoting share
Book Value
Ugland Shipping ASUgland Marine Services AS
GrimstadGrimstad
100% 100%
150 150 00023 080 270
Total 173 230 270
22.
ANNUAL REPORT 2016
Related parties - transactions Parent Company Consolidated
2016 2015 2016 2015
Income
Ugland Marine Services AS - rental income 124 200 121 800 0 0
Penney Ugland Inc. - guarantee commission 0 1 046 431 0 0
Penney Ugland Inc. - management fee 101 375 1 275 413 0 0
Ugland Bulk Transport AS - freight income 0 0 183 671 801 241 079 551
Ugland Barge Pool AS - freight income 0 0 64 106 118 93 776 677
J.J. Ugland Holding AS - administration fee 0 0 1 845 000 1 800 000
Vikkilen Industri AS - administration fee 0 0 1 500 000 1 464 000
J.J. Ugland AS - administration fee 0 0 1 500 000 1 462 200
Ugland Bulk Transport AS - other fees 0 0 15 138 025 15 850 829
AS Nymo - administration fee 0 0 2 318 457 2 295 709
Ugland Supplier AS - administration fee 0 0 4 933 094 5 343 069
UM Bulk AS - administration fee 0 0 866 284 813 008
J.J. Ugland Holding AS - interest income 0 0 22 255 22 697
Ugland Barge Pool AS - interest income 0 0 36 607 156 176
Ugland Marine Services AS - interest income 390 507 0 0 0
Expenses
Ugland Marine Services AS - administration fee -9 000 000 -9 003 061 0 0
J.J. Ugland AS - rent 0 0 -2 876 001 -2 819 000
Knut N.T. Ugland - rent 0 0 -187 040 -187 040
Ugland Marine Services AS - interest expense 0 -481 922 0 0
Ugland Bulk Transport AS - interest expense 0 0 -556 291 -746 678
The parent company has no employees and therefore no obligations under the compulsory company pension act. Subsidiaries with a staff have a
pension scheme which entitles 164 people (including 88 seafarers) to receive defined future pension benefits. Additionally, 27 employees in Norway
have joined a contribution pension scheme (Unit Link). All pension schemes are covered through an insurance company and comply with the
regulations set forth in the pension act. As from now, pension schemes with defined future benefits are closed and future shore based employees will
join the contribution pension scheme (Unit Link). One subsidiary company also has early retirement pension scheme obligations for one employee.
In additon, a contribution pension scheme (Unit Link) has been entered into for 198 Canadian employees.
Consolidated
2016 2015
Provisions for maintenance and classificationOther provisionsPension obligations
50 444 4570
6 075 345
45 010 7912 198 6006 224 374
Total 56 519 802 53 433 765
Note 8 - Provisions and pensions
23.
ANNUAL REPORT 2016
Note 8 - Provisions and pensions (continued)
Net pension funds 2016 2015
Accrued pension obligations as of 31.12.Pension scheme assets as of 31.12.Unrecognised actuarial gain/loss
-156 170 078132 009 57245 632 468
-147 578 592125 910 88042 205 825
Net pension fund as of 31.12. 21 471 962 20 538 113
Net pension funds are included under long-term receivables in the balance sheet.
Consolidated
2016 2015
Service costsInterest cost on pension obligationsExpected return on pension fundsAmortisation of actuarial gain/lossPension scheme changeAdministration costsPayment to defined contribution pension schemeSocial security taxCharged other companies
4 690 0583 659 102
-4 083 5833 558 343-433 423
1 026 3949 179 1981 436 424
-154 356
5 241 7723 527 007-3 891 2135 459 808
0996 113
18 137 6821 586 620
-173 918
Net pension costs 18 878 156 30 883 872
Pension obligations operating pension schemes 2016 2015
Projected pension obligation as of 31.12.Unrecognised actuarial gain/lossSocial security tax
-6 381 7531 094 997-788 589
-6 475 0881 076 631-825 917
Recognised gross pension obligation -6 075 345 -6 224 374
Actuarial assumptions 2016 2015
Discount rateAssumed return on pension funds “ salary increase “ statutory basic amount increase (cf note 1) “ pension benefit increase
2.1%3.0%
2.25%2.0%1.2%
2.5%3.3%2.5%
2.25%1.2%
Estimated voluntary attrition before retirement age is 0-8% for employees under 50 years and zero after 50 years. The actuarial assumptions are based on demographic factors normally used within the insurance industry.
Liabilities secured by mortgage Consolidated
Liabilities to financial institutionsBook value of pledged assets
143 220 000184 521 251
Future income and insurances related to mortgaged assets are pledged as security for liabilities to financial institutions. All group long-term liabilities to financial institutions fall due before 31.12.2021.
Restricted consolidated bank deposits as of 31.12.2016 amounted to NOK 5 118 815.
Note 9 - Mortgage liabilities/Guarantees/Pledged assets
24.
ANNUAL REPORT 2016
Note 10 - Taxes
Parent Company Consolidated
2016 2015 2016 2015
Specification of tax asset/liability effect of temporary differences
TaxLiabilities
TaxLiabilities Tax Assets Tax
Liabilities Tax Assets Tax Liabilities
ConsolidatedTangible fixed assetsPension obligations / fundsUnrealised currency gain/lossTax loss carry-forward
00
25 810 465-11 646 255
00
27 674 1570
186 38200
14 882 523
015 396 61725 810 465
0
192 34800
3 583 919
014 313 73927 674 157
0
Total 31.12 14 164 210 27 674 157 15 068 905 41 207 082 3 776 267 41 987 896
Net deferred tax asset/liability 3 399 410 6 918 539 6 273 163 9 552 908
Specification of change in deferred tax: Parent Company Consolidated
2016 2015 2016 2015
Deferred tax 01.01.Change recognized in income statementAdjusted tax from previous yearsCurrency adjustments
6 918 539-3 519 129
00
1 109 6315 808 908
00
9 552 908-3 383 550
103 8060
60 502 678-62 194 659
695 96610 548 923
Deferred tax/tax asset 31.12. 3 399 410 6 918 539 6 273 164 9 552 908
Parent Company Consolidated
2016 2015 2016 2015
Current year’s tax expenseTax payableWithholding tax paidAdjusted tax from previous yearsChange deferred tax
02 399 614
34 263-3 519 129
1 068 4424 622 551-316 799
5 808 908
1 354 9132 431 934
-1 282 224-3 711 781
55 379 4894 655 110-316 852
-61 498 694
Income tax expense -1 085 252 11 183 102 -1 207 158 -1 780 947
Tax payable as of 31.12.Recognized tax payableTax on group contributionPrepaid tax Canada
00
1 068 442-1 068 442
1 354 9130
-1 241 300
55 379 489
-23 240 859
Tax payable as of 31.12. 0 0 113 613 32 138 630
Reconciliation of effective rate and applicable corporate tax rateResult for the year before tax -36 836 369 150 379 736 -100 166 058 -252 145 930
Expected income tax, nominal tax rate -9 209 092 40 602 529 -19 866 550 -21 386 172
Tax effect of the following itemsNon-deductible expenses/non-taxable incomeWithholding tax paidCurrency adjustmentsEffect of tax rate adjustmentsAdjusted tax from previous yearsTax on financial result shipping company
5 831 5732 399 614
0-141 610
34 2630
-33 138 2754 622 551
0-553 483-350 220
0
17 985 6482 431 934
0-261 349
-1 496 8410
23 588 2304 655 110
10 163 407-708 556
-18 092 966
0
Tax expense -1 085 252 11 183 102 -1 207 158 -1 780 947
Under the Norwegian tonnage tax regime for shipping companies, tax is paid on finance income and high equity ratio according to special rules and de-fined limits. Instead of ordinary tax on income earned, the company pays a tonnage tax which is recorded as an ordinary operating expense. The tonnage tax of NOK 1 121 280 (2015: NOK 1 133 648) is recognized in the consolidated accounts and classified as an ordinary operating expense.
25.
ANNUAL REPORT 2016
Note 11 - Equity
ShareCapital
Other Paid-inEquity
OtherEquity
MinorityInterests Total
Parent CompanyBalance 01.01.Result for the yearGroup contribution
2 160 61000
686 97700
603 164 334-35 751 117
-40 000 000
000
606 011 921-35 751 117
-40 000 000
Balance 31.12. 2 160 610 686 977 527 413 217 0 530 260 804
ConsolidatedBalance 01.01Result for the yearGroup contributionRedemption of minority interestCurrency adjustment
2 160 6100000
686 9770000
2 057 947 512-99 818 352
-40 000 0000
-4 281 629
5 913 660859 451
0-628 396
67 327
2 066 708 759-98 958 901
-40 000 000-628 396
-4 214 303
Balance 31.12. 2 160 610 686 977 1 913 847 531 6 212 042 1 922 907 160
A/S Uglands Rederi’s shareholdersThe share capital consists of 432 122 shares with a total nominal value of NOK 2 160 610. All shares have equal rights.
Shares owned directly and indirectly:
J.J. Ugland Holding AS 389 961 shares Knut N.T. Ugland 42 161 shares Total 432 122 shares
J.J. Ugland Holding AS owns 90.24% of the shares in A/S Uglands Rederi and prepares its own consolidated accountsavailable at the company's office address, J.M. Uglands vei 20, 4878 Grimstad.
A/S Uglands Rederi and its subsidiaries are only to a minor extent exposed to fluctuations in exhange rates since the debt, operating income and most of the expenses are in USD. In the second-hand market the bulk vessels and shuttle tanker are valued in USD.
Parent Company Consolidated
2016 2015 2016 2015
Currency loss (disagio)Other financial items
-2 824 866-6 037 329
0-5 510
0-7 672 142
0-222 498
Other financial expenses -8 862 195 -5 510 -7 672 142 -222 498
Currency gain (agio)Other financial items
00
30 761 2121 046 431
1 718 08625 121
14 052 22816 651
Other financial income 0 31 807 643 1 743 207 14 068 879
Note 12 - Financial market risks / Financial instruments
Note 13 - Other financial items
26.
ANNUAL REPORT 2016
continued..
Statsautoriserte revisorerErnst & Young AS
Kystveien 2 C, NO-4841 Arendal
Foretaksregisteret: NO 976 389 387 MVATlf: +47 24 00 24 00Fax:www.ey.noMedlemmer av Den norske revisorforening
INDEPENDENT AUDITOR’S REPORT
To the Annual Shareholders' Meeting of A/S Uglands Rederi
Report on the audit of the financial statements
OpinionWe have audited the financial statements of A/S Uglands Rederi, which comprise the financial statementsfor the parent company and the Group. The financial statements for the parent company and the Groupcomprise the balance sheet as at 31 December 2016,the income statement showing a loss ofNOK 35 751 117 for the company and a loss of NOK 98 958 901 for the Group, statements of cash flowsand changes in equity for the year then ended and notes to the financial statements, including a summaryof significant accounting policies.
In our opinion, the financial statements have been prepared in accordance with laws and regulations andpresent fairly, in all material respects, the financial position of the Company and the Group as at 31December 2016 and their financial performance for the year then ended in accordance with theNorwegian Accounting Act and accounting standards and practices generally accepted in Norway.
Basis for opinionWe conducted our audit in accordance with laws, regulations, and auditing standards and practicesgenerally accepted in Norway, including International Standards on Auditing (ISAs). Our responsibilitiesunder those standards are further described in the Auditor’s responsibilities for the audit of the financialstatements section of our report. We are independent of the Company in accordance with the ethicalrequirements that are relevant to our audit of the financial statements in Norway, and we have fulfilled ourethical responsibilities as required by law and regulations. We have also complied with our other ethicalobligations in accordance with these requirements. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.
Other informationOther information consists of the information included in the Company’s annual report other than thefinancial statements and our auditor’s report thereon. The Board of Directors and Chief Executive Officer(management) are responsible for the other information. Our opinion on the financial statements does notcover the other information, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information,and, in doing so, consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If,based on the work we have performed, we conclude that there is a material misstatement of this otherinformation, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of management for the financial statementsManagement is responsible for the preparation and fair presentation of the financial statements inaccordance with the Norwegian Accounting Act and accounting standards and practices generallyaccepted in Norway, and for such internal control as management determines is necessary to enable thepreparation of financial statements that are free from material misstatement, whether due to fraud orerror.
In preparing the financial statements, management is responsible for assessing the Company’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the
27.
ANNUAL REPORT 2016
Independent auditor's report - A/S Uglands Rederi
going concern basis of accounting, unless management either intends to liquidate the Company or tocease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with ISAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
As part of an audit in accordance with law, regulations and generally accepted auditing principles inNorway, including ISAs, we exercise professional judgment and maintain professional scepticismthroughout the audit. We also:
► identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control;
► obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theCompany’s internal control;
► evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by management;
► conclude on the appropriateness of management’s use of the going concern basis of accounting and, based onthe audit evidence obtained, whether a material uncertainty exists related to events or conditions that may castsignificant doubt on the Company’s ability to continue as a going concern. If we conclude that a materialuncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in thefinancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based onthe audit evidence obtained up to the date of our auditor’s report. However, future events or conditions maycause the Company to cease to continue as a going concern;
► evaluate the overall presentation, structure and content of the financial statements, including the disclosures,and whether the financial statements represent the underlying transactions and events in a manner that achievesfair presentation;
► obtain sufficient appropriate audit evidence regarding the financial information of the entities or businessactivities within the Group to express an opinion on the consolidated financial statements. We are responsible forthe direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.
Report on other legal and regulatory requirements
Opinion on the Board of Directors’ reportBased on our audit of the financial statements as described above, it is our opinion that the informationpresented in the Board of Directors’ report concerning the financial statements the going concernassumption and proposal for the allocation of the result is consistent with the financial statements andcomplies with the law and regulations.
28.
ANNUAL REPORT 2016
Independent auditor's report - A/S Uglands Rederi
Opinion on registration and documentationBased on our audit of the financial statements as described above, and control procedures we haveconsidered necessary in accordance with the International Standard on Assurance Engagements (ISAE)3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information, it is ouropinion that management has fulfilled its duty to ensure that the Company's accounting information isproperly recorded and documented as required by law and bookkeeping standards and practicesaccepted in Norway.
Arendal, 21 February 2017ERNST & YOUNG AS
Johan BringsverdState Authorised Public Accountant (Norway)
(This translation from Norwegian has been made for information purposes only.)
29.
ANNUAL REPORT 2016
Bulk Carriers
Vessel Name DW tonnes Year built
MV BONITA 58 105 2010
MV CARMENCITA 58 773 2009
MV ELLENITA 57 501 2015
MV FAVORITA 52 220 2005
MV FERMITA 52 380 2001
MV ISABELITA 58 080 2010
MV KRISTINITA 58 105 2011
MV LUNITA 57 572 2014
MV LIVITA 63 532 2017
MV OLITA 60 495 2017
MV ROSITA 52 338 2004
MV SENORITA 58 663 2008
MV STAR NORITA 58 097 2012
MV TAMARITA 52 292 2001
MV UMIAK 1 *) 31 992 2006
2 Newbuildings - 1 x 60 000 dwt + 1 x 63 000 dwt 123 000 2017/2019
17 Vessels 953 145
Tankers
Vessel Name DW tonnes Year built
MT GERD KNUTSEN *) 146 273 1996
MT HEATHER KNUTSEN *) 148 644 2005
MT JASMINE KNUTSEN *) 148 706 2005
MT VINLAND *) 125 827 2000
NORTH ATLANTIC KAIROS *) 3 569 2008
5 Vessels 573 019
Operated Fleet as of May 2017
* Managed by Canship Ugland Ltd.
PSV
Vessel Name Deck Area DW tonnes Year built
MV EVITA 1 000 m² 5 433 2012
MV JUANITA 1 016 m² 5 456 2014
2 Vessels 10 889
Tugs
Vessel Name DW tonnes Year built
PLACENTIA PRIDE *) N/A 1998
PLACENTIA HOPE *) N/A 1998
2 Vessels N/A
30.
ANNUAL REPORT 2016
HLV & Barges
Vessel Name DW tonnes Year built
HLV UGLEN 800 t crane 2 600 1978
Barge UR 2 9 750 1995
Barge UR 3 9 750 1995
Barge UR 5 9 750 1996
Barge UR 6 9 750 1997
Barge UR 7 9 750 1999
Barge UR 8 9 750 1999
Barge UR 93 9 040 2001
Barge UR 95 9 025 2001
Barge UR 96 9 025 2008
Barge UR 97 9 025 2008
Barge UR 98 9 025 2011
Barge UR 99 9 025 2011
Barge UR 141 14 011 1993
Barge UR 171 16 800 2011
Barge UR 901 9 019 2013
Barge UR 902 9 019 2013
17 Units 164 114
Total Operated Fleet 43 units 1 701 167 dwt
Operated Fleet as of May 2017 continued
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In March this year HLV Uglen lifted the lower derrick, hydra-racker and upper derrick onto
the drilling module currently being construct-ed by Nymo at its yard in Vikkilen. The drilling module will be delivered to Aibel, with Statoil as the end-customer.
Ugland Construction was commissioned to lift the lower derrick, hydra-racker and upper derrick into place from the vessel that transported them from Korea, to the drilling module assembly area at Nymo’s quay.
Nymo has subcontracted Ugland Construc-tion and HLV Uglen to perform these lifting operations as part of the drilling module in the Johan Sverdrup oil field project.
Uglen lifting derrick at Nymo - drilling module to be installed in Johan Sverdrup oil field
To be able to perform these lifting opera-tions, the HLV Uglen had to utilise the high-lift boom, which can lift 340 tonnes up to a height of 111 metres above sea level. This kind of lifting operation requires very precise and accurate maneuvering to set the modules down in their precise location.
The Heavy Lift Vessel Uglen is operated by Ugland Construction AS in Stavanger. From the very outset the vessel has performed most satisfactory and has proved an invaluable “working tool” for various lifting operations in connection with the construction of numerous oil platforms and modules for the offshore yards, as well as accommodation buildings and sections for shipbuilding yards.
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Facts about Johan Sverdrup:
Johan Sverdrup is one of the five largest oil fields on the Norwegian continental shelf. It will also be one of the most important industrial projects in Norway in the next 50 years. First – phase development work can provide 51 000 man-years in Norway, with 2 700 man – years in the production phase.
• Located on the Utsira Height in the North Sea, 160 kilometers west of Stavanger
• Oil from the field will be piped to the Mongstad terminal in Hordaland. Gas will be transported to Kårstø processing plant in North Rogaland.
• First – phase investment estimated at NOK 99 billion
• Total production revenues of NOK 1 350 billion over 50 years
• Estimated corporation tax paid to the Norwegian state will be NOK 670 billion
• Daily production during first phase estimated at 440 000 barrels per day. Peak production estimated to reach 660 000 barrels daily.
• Water depth is 110 – 120 meters, the reservoir is located at a depth of 1 900 meters
• The field will be operated by electrical power generated onshore
• Production start for Phase One is planned late 2019
In addition, when it comes to bridge-building in Norway, Uglen’s high-lift boom has been utilised to achieve sufficient lifting height when installing suspension bridges. In fact, most of Norway’s suspension bridges have been lifted and installed by Uglen utilising this high-lift boom.
In 2014 the lifting capacity of the main lift-ing hooks was upgraded from 600 tonnes to 800 tonnes at Nymo’s yard.
Despite being in operation for many years now, Uglen is still in excellent condition and has proved attractive in its market segment as an efficient lifting vessel offering outstand-ing manoeuverability and lifting capability.
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The main prioriTies for oUr Team of
professionals are To ensUre The safeTy and
secUriTy of life, The environmenT, vessel
and cargo. in addiTion, emphasis is placed
on long-Term relaTionships, solidiTy and
sTrong liqUidiTy
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Long-term relationships, whether with employees, partners or clients, are an important core value at A/S Ugland Rederi. The three employees below can vouch for this value. Between them, Eva Svantesen, Olaug Boye Neset, and Magne Bringsverd can look back on a total of 140 years’
service with The Ugland Companies when they retire in 2017. They have all played a big part in the transformations and changes in working life that have taken place at The J.J. Ugland Companies over the last decades.
Eva Svantesen was employed at J.M. Ugland & Co. in December 1969 as a temporary switchboard operator. She later served in various positions including as chauffeur, bookkeeping assistant, HR secretary and HR consultant. In 1996 she was appointed senior HR manager, a position she will hold until retirement in May 2017. In 2012 Eva had the honour of being named Godmother of the PSV Evita. When she retires in May 2017, she will have served 48 years on-board The J.J. Ugland Companies.
Olaug Boye Neset was employed in August 1970. She has served as a secretary for both the crewing and technical departments, and was a secretary to the Managing Director Bernhard B. Samuelsen. From 1980–89 she was HR secretary and from 1996 she shared a HR consultant position with Eva Svantesen. In the same year she was promoted to senior HR manager until she chose to reduce her work-ing hours and became a part-time receptionist. When she retired in January 2017, she had completed 46 years’ service with JJUC. Olaug had the honour of being named Godmother of MV Olita in March 2017.
Long-serving employees
Above:
Eva Svantesen with Captain Tommy Antonsen onboard PSV Evita at the
naming ceremony
Left:
Olaug Boye Neset with her husband Ole Martin Neset at the naming
ceremony of MV Olita
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The undersigned's Ugland odyssey started at the end of 1969, at the tender age of
20 with an exciting and inviting world ahead of me.
There have been many major and consider-able changes in the intervening years. Tech-nology has occupied centre-stage in most areas, and working patterns have changed beyond all recognition.
Our offices were at the "farm", a rural idyll which even had offices above the pig sty. The grunting of pigs – and of course their smell – gave the environment a unique flavour.
Shipping, workshops, farm operations – everything took place side by side, then as now.
How things have changed in most areas!I guess we could start with the job of secre-tary, which was really quite different back then. Secretary schools trained women to be their superiors' "right hand". Secretar-ies performed all sorts of roles. If you were a shipowner, then your private secretary would be stationed outside your office. These individuals were generally highly presentable
types who carried out their bosses' instruc-tions to full satisfaction. Some typed using a Dictaphone, while others worked from a tape recorder. Then again, you could always write letters by hand!
Private secretaries also worked for manag-ing directors and other directors, while other secretaries were assigned to individual departments.
In the early years we used a manual typewriter. Letters were written on thin sheets paper separated by carbon paper. There were many copies and mistakes had to be erased/corrected on each copy – which was extremely time-consuming.
Spirit duplicators were used when you wanted to make a lot of copies.
The next great leap forward was a stencil machine. Operators had to wear aprons to protect their clothes.
The advent of the photocopier heralded a new world – a revolution.
Gradually electric typewriters appeared,
eventually evolving into modern machines with an electric print ball.
Saturday was also a working day – until 1 p.m.
While we now communicate via e-mail or chat (electronically) with each other – instant-ly – back then there were several post rounds each day. Someone based at the switchboard wandered round with an "accordion folder" from desk to desk delivering and picking up post from everyone, effectively acting as an internal postman. Such rounds could certainly be fun and at times seem to take forever – pretty much the social highlight of the day – people had time for each other, or to be more exact, made time for each other back then.
In 1971 we moved into our current building, which was then all shiny, new and inviting. The "farm" era was over for most people.
We had many Norwegian seamen back then. Among the Norwegian crewed vessels were: Evita, Favorita, Carmencita, Livanita, Lisita, Vivita, Tamarita, to name but a few. Ships were at sea for long periods, which resulted in substantial signing-off pay when sailors returned home. The pay cheque was
An ever-changing journey through time
Magne Bringsverd was employed in May 1970 as a bookkeeping assistant. He later became accounting assistant, then account-ing secretary before being promoted to accounting manager, a position he held until retirement in January 2017. Traditions are important in our business, and tradition decrees that a vessel can only be assigned
a Godmother. Therefore, JJUC Owner Knut Ugland decided that Magne should be the “Godfather” of the canteen. The JJUC canteen was named “Magnes“ during his 70th birthday celebrations. Magne’s friends and family were present to witness the ceremony.
Above:
Magne Bringsverd in front of the sign stating that
our canteen now is named "Magnes"
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intended to cover the entire discharge period, which could sometimes make people feel richer than they actually were. The maritime personnel department received daily visits from sailors bringing in post – or reporting for any new voyages. Our cash office disbursed advance pay/advance travel money or subsistence allowances. Naturally the sailors regularly visited for coffee and the tales of life at sea were often raucous and could be long-winded – TIME – we had more of this in those days!
We also had several chauffeurs who provided a pick-up and drop-off service, mainly to/from Kjevik airport. Office staff or seamen were picked up at home when they were about to embark on a journey. Business partners were also ferried round – whatever the time of day, or night.
The chauffeurs were resplendent in their tailored uniforms and caps. Stylish!
Eventually the airport bus took over this role – significantly reducing costs. An era was over – here too!
There was only a small HSE department then. There were nowhere no near as many regulations/manuals to refer to.
Believe it or not, wages were paid in cash. The coins and notes required to make up wage packets were ordered from the bank. These included 5, 10 and 50 øre coins.Payslips were written by hand on columnised sheets with serrated lines to be detached later. These were folded together to form a narrow strip and held together with a binder. The payslip was put in an envelope together with the money and distributed to the recipients.
Gradually we switched to bank cheques and transfers and administration became easier.
Bookkeeping was performed on a massive machine – the size of a washing machine. Because of the noise, the machine was placed in a separate room where the book-keeper sat and did his/her sums.
A separate room with a telex machine was a useful communication tool. Telex operators were employed to send telexes across the world.
I hope the above gives just some idea of a world that has not stood still – and of changes that have been incredible and excit-ing to experience in so many ways.
I'm intrigued to see what lies ahead – one big question is whether many people will unfortunately become redundant.
Thank you for all the great times, thank you for allowing me to be a little part of the Ugland odyssey!
Wishing you all the best for the future!
Eva Svantesen
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MV Star Norita - Safety Award Winner 2016
“Safety is given the highest priority on board all our vessels”
safety is given the highest priority on board all vessels operated by Ugland Marine Services AS. As a result, all vessels have a good safety record. Each year the company selects a Safety Award Winner. MV Star Norita had the best score in 2016.
PRIZE CRITERIA:
1. Zero reported personnel injuries2. Most reported Near Accidents related to personnel
3. Port State Control results 4. General operational performance
Reported accidents (crew) 0Reported near accidents (crew) 10Port State Controls 5 PSC / 2 deficienciesOperational performance Good
Congratulations to all onboard MV Star Norita!
MV STAR NORITA'S RESULTS
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A/S Uglands Rederi has traditionally focused, and continues to focus, on
sustainable business practice. While safety has always been our number one priority, we have increasingly highlighted other key elements such as environmental and social impact as a consequence of our business operations. Knowing that company activities impact society in many ways, and that the company is affected by its surroundings, it is important for A/S Uglands Rederi to
help to create and maintain a positive and sustainable shipping environment. As a consequence of the above, A/S Uglands Rederi signed up to the UN Global Compact during 2012. The UN Global Compact is a strategic policy initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labour, the environment and anti-corruption.
Corporate Social Responsibility
Global Compact - Communicating on Progress
Practical Aspects
Global Reporting Initiative
The Global Reporting Initiative, as the most widely applied standard for reporting on the ten principles of Global Compact, has been chosen as the company’s reporting framework. The objective of the Global Reporting Initiative is to create a platform for transparent, reliable, comparable and precise reporting of information.
For a full report and further details and information, please visit the company’s website www.jjuc.no.
Corporate Social Responsibility (CSR) embraces many ideas, actions and
individuals.
The above illustrates some important principles by way of CSR structure and reporting. The company has always
attached importance to employees’ long-term perspectives and relations with the local community.
One tangible example of CSR can be seen in the company’s longstanding practice of taking on trainees onboard
vessels, and apprentices in the office.
On the following pages we provide two examples to show the human side of CSR.
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Øyvind Christensen started as a trainee electrician onboard PSV Evita on 17 June 2013. His interest in becoming a marine electrician was sparked during a 14-day secondment onboard HLV Uglen in 2012 as an assistant electrician. Since completing his time as a trainee in 2015, he has worked onboard the PSV Juanita as a fully fledged electrician.
Øyvind confirms that his time with Ugland has been varied, interesting and rewarding. He has served onboard various vessels, both PSVs and HLV Uglen.
He was also part of the Ugland site team during the construction of the PSV
Juanita. “JJUC have been very helpful. They really support the trainees. They let you participate in every side of operations and really look after you.”
From left: Øyvind Christensen and crewing manager Vidar Røinås in front of PSV Evita
Right:Øyvind Christensen checking that all is well onboard
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The photo above shows three genera-tions of ICT apprentices, together with Senior ICT Advisor Espen Skoog, who has been responsible for following up the apprentices since 2004.
Kim Eirik Kvassheim started as an ICT apprentice in 2010. After finishing his final exam in 2012, he started working as an ICT operator for Ugland Marine Services AS, a position he still holds. Torje Salvesen started his apprenticeship
in 2015, while Evaldas Narmontas will start his two-year training period later this year.
Kim Eirik was introduced to UMS by his teacher. “I wasn’t aware that the company recruited ICT apprentices. However, as a Grimstad resident I have always been fascinated by the Ugland companies here in Vikkilen, so I was very motivated and tried my best to get the position.
I really enjoyed my time as an ap-
prentice for UMS at the ICT Department. The working environment at UMS is fantastic with great colleagues who are both kind and professional. I have made many friends and expanded my social network, from both in-house and external companies. The experience I gained from my years as an apprentice has definitely been invaluable and put me in a strong position for whatever comes next. I have also learned a lot in other shipping-related fields. UMS offers a great working environment with challenging and excit-ing tasks and I have personally developed a lot as a person.“
As employers of the above, having apprentices and trainees is considered a win-win situation. The testimonies above clearly illustrate the benefits for employ-ees. The employer is also a winner on several levels, which makes this a long-term and sustainable relationship.
From left: Espen Skoog, Torje Salvesen, Evaldas Narmontas and Kim Eirik Kvassheim
Left:Kim Eirik Kvassheim inspecting cables
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The J.J. Ugland Companies
www.jjuc.no
A/S UGLANDS REDERIUGLAND MARINE SERVICES ASUGLAND MARINE MANAGEMENT ASUGLAND BULK TRANSPORT ASUGLAND BARGE POOL ASUGLAND OFFSHORE ASUGLAND SHIPPING ASUGLAND SUPPLIER ASUM BULK ASJ.J. UGLAND HOLDING ASJ.J. UGLAND ASVIKKILEN INDUSTRI ASEYDEHAVN NÆRINGSUTVIKLING ASJ.M. Uglands vei 20, N-4878 GrimstadP.O. Box 128, N-4891 Grimstad, NorwayTel: +47 37 29 26 00Fax: +47 37 04 47 22E-mail: [email protected]
J.J. UGLAND HOLDING ASOslo Office:Tyveholmen kontorfellesskapTjuvholmen Allè 19N-0252 OSLO, Norway Tel: +47 37 29 26 26E-mail: [email protected]
AS NYMOJ.M. Uglands vei 14, N-4878 GrimstadP.O. Box 113, N-4891 Grimstad, NorwayTel: +47 37 29 23 00Fax: +47 37 04 30 64E-mail: [email protected]
UGLAND CONSTRUCTION ASHaakon VII's gt. 8, N-4005 StavangerP.O. Box 360, N-4002 Stavanger, NorwayTel: +47 51 56 43 00Fax: +47 51 56 43 01E-mail: [email protected]
CANSHIP UGLAND LTD.1315 Topsail RoadP.O. Box 8040, Station “A”St. John’s, NewfoundlandCANADA, A1B 3M7Tel: +1 709 782 3333Fax: +1 709 782 0225E-mail: [email protected]
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